My in laws are both in their 88th year. My MIL is failing physically, however still pretty sharp mentally. My FIL is good physically, but dementia has started and has gained ground quickly, over the last 4 months.
A revocable Trust was set up about 10 years ago, but unfortunately nothing was moved into it, however all the "legal" documents/requirements are all nice and tidy and starting to be used.
My FIL was the bread winner of the family and 70% of the assets are in his name. We're trying to balance that out right now, for the protection of my MIL, in the event my FIL needs to go into a Memory Care facility.
Let me say, that based on the rules for Medicaid I've read, my FIL has plenty of assets in his 401K & IRA, to fund that, or I'm pretty sure, however it's feasible that he could live another 5 to 10 years. Those assets would be used first, for his care.
I'm throwing this out there and asking for any experience or advice or things to consider, to make sure my MIL is taken care of. Unfortunately the stress of dealing with my FIL, is putting a strain on her.
My DW and SIL are doing everything they can to help out, including paying bills on line, banking, groceries, meals, light cleaning etc.. Just looking for other idea's on what we might be missing.
At some point we'll consider more full time help on a daily basis. My FIL can still take care of himself, mostly but we're keeping a close eye on any major changes.
Thanks in advance! My Father always said that getting old, wasn't for sissies and he's right.
A revocable Trust was set up about 10 years ago, but unfortunately nothing was moved into it, however all the "legal" documents/requirements are all nice and tidy and starting to be used.
My FIL was the bread winner of the family and 70% of the assets are in his name. We're trying to balance that out right now, for the protection of my MIL, in the event my FIL needs to go into a Memory Care facility.
Let me say, that based on the rules for Medicaid I've read, my FIL has plenty of assets in his 401K & IRA, to fund that, or I'm pretty sure, however it's feasible that he could live another 5 to 10 years. Those assets would be used first, for his care.
I'm throwing this out there and asking for any experience or advice or things to consider, to make sure my MIL is taken care of. Unfortunately the stress of dealing with my FIL, is putting a strain on her.
My DW and SIL are doing everything they can to help out, including paying bills on line, banking, groceries, meals, light cleaning etc.. Just looking for other idea's on what we might be missing.
At some point we'll consider more full time help on a daily basis. My FIL can still take care of himself, mostly but we're keeping a close eye on any major changes.
Thanks in advance! My Father always said that getting old, wasn't for sissies and he's right.